Croydon Caribbean Credit Union also offers all eligible members insurance services. Some of these insurance services are paid for directly by the Credit Union. The insurance cover currently provided for by Croydon Caribbean Credit Union in respect of eligible members is:
- Loan Protection
- Life Savings Insurance
Loan Protection Insurance
In Croydon Caribbean Credit Union, the outstanding loan balances of eligible members are automatically insured at no direct cost to the member. This means the loan debt will be wiped clean in the event of the member’s death. Members can take out a credit union loan in the full confidence that their dependents will not have to pay the loan off on death and total and permanent disability for any occupation. Banks and other financial institutions charge a separate insurance premium on top of loan repayments for this service.
Loan Protection Insurance is payable subject to policy terms and conditions.
- The insurance benefit payable is the amount of the member’s outstanding loan balance
- Cover ceases on the member’s 85th birthday
Loan Protection Insurance is provided to members at no direct cost to them. This product clears your outstanding loan balance in the event of death subject to policy conditions. In the event of your death, CUNA Mutual (the credit union insurance company) will clear your loan balance — it will not have to be paid off from your savings or by your family!
| Insurance Cover on Savings | Savings | Insurance Cover |
| Age under 55 | Every £1 provides | £1 of Insurance |
| 55 -59 | Every £1 | provides 75p |
| 60 – 64 | Every £1 | provides 50p |
| 65 – 69 | Every £1 | provides 25p |
This product covers your outstanding loan balance in the event of death (subject to policy conditions)
| Age | Insurance | Total | |
| £100 SAVE UNDER | 55 | +£100 | +£200 |
| £100 SAVED UNDER | 55-59 | +£75 | +£175 |
| £100 SAVED UNDER | 60-65 | +£50 | +£150 |
| £100 SAVED UNDER | 66-70 | +£25 | +£125 |
Eligibility
Every borrowing member is eligible for Loan Protection Insurance if they are:
- actively engaged in the usual duties of his/her livelihood on the date they receive
the loan, or - if not working, that they are in good health and capable of performing the usual duties
of their livelihood on that date.
Insurance cover on loans ceases at age 80. Members pay no individual charge.
Life Savings Protection
Croydon Caribbean Credit Union provides Life Savings Insurance at no direct cost to its members’ eligible savings. The amount of insurance benefit payable on the death of the member is based on the age of the member at the time the savings were lodged. The amount of insurance benefit payable on the death of the member is based on the age of the member at the time the savings were lodged. (Conditions Apply) Eligibility Eligible Savings are those that
- are lodged before age 70 up to a maximum of £15,000,
- remain intact in your account, and
- are lodged whilst you were at work or, if not working, in good health.
Death Benefit Insurance
Death Benefit Insurance Death Benefit Insurance (DBI) is a member pay product. This product provides a one-off payment of £2,500 to your next of kin to help meet funeral costs in the event of your death. Eligibility Eligible members are those who joined the credit union before age 70 and who have sufficient funds in their shares. For further information on any of our insurance products please contact the Treasurer or Assistant Treasurer.
